Newport Furniture files Chapter 11
Furniture Today reported this past week that New Albany upholstery manufacturer Newport Furniture has filed for Chapter 11 bankruptcy protection.
The story by Larry Thomas said Newport estimated its assets at $1 million to $10 million and liabilities of $10 million to $50 million.
Court documents include a listing of its 20 largest creditors – most of which are suppliers of components and fabrics, Thomas’ story said.
The largest creditor listed was a Shanghai-based company called Newport Furniture Co. (China), which is owed $7.17 million.
Other large creditors include American Global Logistics, which is owed $133,100; Consolidated Fibers, owed $123,785; and L8J products, owed $688,699, according to the story.
L8J Products is owned by Larry Jackson, the owner of Sleeper Kraft, a supplier of sleeper mattresses and components. Sleeper Kraft is listed separately as a creditor that is owed $32,421.
The plant originally house the Stratford-Futorian furniture company that later became known as Mohasco and underwent several changes in ownership as more manufacturing move overseas.
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- Memorial Day to affect operating hours, service schedules
- Police continue drug fight with series of arrests
- Winners in the 2016 Mississippi Bluegrass Championships at the Down From the Hills Heritage Music festival
- Library’s annual summer reading program for children begins June 2
- Capaning to represent New Albany as Boys and Girls Clubs ‘celebrity’ dancer